FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities:

Fair Values as of December 31, 2012:

(in thousands)	Level 1		Level 2		Total
Cash and cash equivalents:
Cash	$	146,965	$	—	$	146,965
U.S. Treasury Bills	39,997		—		39,997
Commercial paper	—		9,694		9,694
Short-term investments:
U.S. Treasury Bills and Government Agency Securities	21,503		44,055		65,558
Commercial paper	—		28,390		28,390
Corporate bonds	—		36,294		36,294
CDs	—		2,003		2,003
Long-term investments:
U.S. Treasury Bills and Government Agency Securities	28,181		35,798		63,979
Corporate bonds	—		14,634		14,634
CDs	—		1,006		1,006
Other current assets:
Derivative assets	—		421		421
Total assets measured at fair value	$	236,646	$	172,295	$	408,941
Accrued liabilities:
Derivative liabilities	$	1	$	1,334	$	1,335

Fair Values as of March 31, 2012:

(in thousands)	Level 1		Level 2		Total
Cash and cash equivalents:
Cash	$	147,338	$	—	$	147,338
U.S. Treasury Bills	50,000		—		50,000
Commercial paper	—		11,997		11,997
Short-term investments:
U.S. Treasury Bills and Government Agency Securities	12,898		48,998		61,896
Commercial paper	—		20,039		20,039
Corporate bonds	—		38,356		38,356
CDs	—		4,886		4,886
Long-term investments:
U.S. Treasury Bills and Government Agency Securities	6,647		23,190		29,837
Corporate bonds	—		25,510		25,510
Other current assets:
Derivative assets	—		2,658		2,658
Total assets measured at fair value	$	216,883	$	175,634	$	392,517
Accrued liabilities:
Derivative liabilities	$	7	$	714	$	721

Refer to Note 11, Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of December 31, 2012 and March 31, 2012.

Level 1 financial assets consist of cash and U.S. Treasury Bills. Level 1 financial liabilities consist of forward points on derivative contracts. The fair value of Level 1 financial instruments is measured based on the quoted market price of identical securities.

Level 2 financial assets and liabilities consist of Government Agency Securities, Commercial Paper, Corporate Bonds, CDs, and derivative foreign currency call and put option contracts. The fair value of Level 2 investment securities is determined based on other observable inputs, including multiple non-binding quotes from independent pricing services. Non-binding quotes are based on proprietary valuation models that are prepared by the independent pricing services and use algorithms based on inputs such as observable market data, quoted market prices for similar securities, issuer spreads and internal assumptions of the broker. The Company corroborates the reasonableness of non-binding quotes received from the independent pricing services using a variety of techniques depending on the underlying instrument, including: (i) comparing them to actual experience gained from the purchases and maturities of investment securities, (ii) comparing them to internally developed cash flow models based on observable inputs, and (iii) monitoring changes in ratings of similar securities and the related impact on fair value. The fair value of Level 2 derivative foreign currency call and put option contracts is determined using pricing models that use observable market inputs.

During the nine months ended December 31, 2012, the Company did not have any transfers between Level 1 and Level 2 fair value instruments.